Exhibit 12.1

Central Pacific Financial Corp. & Subsidiaries

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	For the Year Ended December 31,
	2012		2011		2010			2009			2008
	(Dollars in thousdands)
Ratio 1 - including deposit interest
Earnings:
Pre-tax income (loss) from continuing operations	$	47,421	$	36,571	$	(250,953	)	$	(333,742	)	$	(187,727	)
Fixed charges		8,802		18,757		42,503			67,788			102,234
Total	$	56,223	$	55,328	$	(208,450	)	$	(265,954	)	$	(85,493	)
Fixed charges:
Interest on deposits	$	5,033	$	9,610	$	20,789		$	42,546		$	62,305
Interest on other short-term borrowings		-		204		1,177			548			6,563
Interest on long-term debt		3,701		8,815		20,135			24,621			33,129
Interest on preferred stock dividends		-		69		346			42			-
Portion of rents representative of the interest
factor of rental expense		68		59		56			31			237
Total fixed charges	$	8,802	$	18,757	$	42,503		$	67,788		$	102,234
Preferred stock dividend requirements		-		1,502		11,265			10,983			-
Fixed charges and preferred stock dividends	$	8,802	$	20,259	$	53,768		$	78,771		$	102,234
Ratio of earnings to fixed charges		6.4		2.9	NM			NM			NM
Coverage deficiency	$	-	$	-	$	(250,953	)	$	(333,742	)		(187,727	)
Ratio of earnings to fixed charges and preferred
stock dividends		6.4		2.7	NM			NM			NM
Coverage deficiency	$	-	$	-	$	(262,218	)	$	(344,725	)		(187,727	)
Ratio 2 - excluding deposit interest
Earnings:
Pre-tax income (loss) from continuing operations	$	47,421	$	36,571	$	(250,953	)	$	(333,742	)	$	(187,727	)
Fixed charges		3,769		9,147		21,714			25,242			39,929
Total	$	51,190	$	45,718	$	(229,239	)	$	(308,500	)	$	(147,798	)
Fixed charges:
Interest on other short-term borrowings	$	-	$	204	$	1,177		$	548		$	6,563
Interest on long-term debt		3,701		8,815		20,135			24,621			33,129
Interest on preferred stock dividends		-		69		346			42			-
Portion of rents representative of the interest
factor of rental expense		68		59		56			31			237
Total fixed charges	$	3,769	$	9,147	$	21,714		$	25,242		$	39,929
Preferred stock dividend requirements		-		1,502		11,265			10,983			-
Fixed charges and preferred stock dividends	$	3,769	$	10,649	$	32,979		$	36,225		$	39,929
Ratio of earnings to fixed charges		13.6		5.0	NM			NM			NM
Coverage deficiency	$	-	$	-	$	(250,953	)	$	(333,742	)	$	(187,727	)
Ratio of earnings to fixed charges and preferred
stock dividends		13.6		4.3	NM			NM			NM
Coverage deficiency	$	-	$	-	$	(262,218	)	$	(344,725	)	$	(187,727	)